GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.21% against the USD and closed at 1.5026, as the Bank of England’s (BoE) Monetary Policy Committee voted to keep its key interest rate unchanged at 0.5% in line with market expectations. The BoE also left the size of its asset purchase program unchanged at £375 billion as widely expected.
Investor sentiment also improved after the European Central Bank (ECB) President, Mario Draghi stated that monetary policy would remain firmly accommodative and added that confidence was returning to financial markets.
In the Asian session, at GMT0400, the pair is trading at 1.4989, with the GBP trading 0.25% lower from yesterday’s close.
The pair is expected to find support at 1.4943, and a fall through could take it to the next support level of 1.4896. The pair is expected to find its first resistance at 1.5060, and a rise through could take it to the next resistance level of 1.5130.
Investors keenly eye the UK consumer inflation expectations report due later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
